HAR - Harmony Gold Mining Company Ltd - Press Release Release Date: 29/07/2010 14:48:51 Code(s): HAR
HAR - Harmony Gold Mining Company Ltd - Press Release
Harmony Gold Mining Company Ltd
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
JSE Share code: HAR
NYSE Share code: HMY
NASDAQ Share code: HMY
PROMISING FUTURE FOR WAFI-GOLPU AS HARMONY REPORTS FURTHER SIGNIFICANT INCREASE
IN THE MINERAL RESOURCE
Johannesburg. Thursday, 29 July 2010. Harmony Gold Mining Company Limited
(Harmony) is pleased to announce a significant increase in the Mineral Resource
at the Wafi-Golpu porphyry copper-gold project in Papua New Guinea (PNG), which
is part of the company`s 50/50 joint venture with Newcrest Mining Limited. The
mineral resource for Wafi-Golpu now contains 16 million ounces (Moz) of gold and
4.8 million tones (Mt) of copper. Expressed as gold equivalents, this resource
amounts to 38.5 Moz of gold, which spells an exciting and promising future for
this project and also provides great opportunities for investors.
The increase in the Mineral Resource is due to the discovery of a new zone of
mineralization directly adjacent to the previously defined Golpu resource. The
mineralization has been extended by the drilling along strike to the northeast
and at depth. The estimate is based on an additional 19 179 m of drilling in 22
PQ/HQ/NQ diamond drill holes.
Contained metal at Golpu only, has increased from the 2007 mineral resource
(163Mt at 0.57 g/t Au, 1.08% Cu, 132 ppm Mo) as follows:
- gold increased from 3.0 to 8.8 Moz of gold;
- copper increased from 1.8 to 4.8 Mt of copper;
- molybdenum increased from 22 to 55 kt of molybdenum; and
- on a gold equivalent basis the deposit increased to 30.9 Moz Au equivalent.
Harmony CEO Graham Briggs says, "These results have a profoundly positive impact
on our future resource base and drilling results continue to prove that
investing in exploration was a very good long term decision."
The drill programme at Golpu is testing an exploration target in the range of
500 to 800 Mt at high grades of between 0.7% and 1.1% copper (Cu) and 0.5 to
0.7g/t gold (Au) for 8 to 18 Moz of gold and 3.5 to 8.8 Mt of copper. This
target includes the current resource(2).
Briggs adds, "We have now added significant size to what is one of the highest
grade copper gold porphyries in South East Asia and potential for further growth
in this Mineral Resource remains highly promising."
Over the broader project area including the Wafi gold deposit, a number of
targets have been earmarked for follow-up testing, with several that already
contain significant gold intercepts. At Golpu, the mineralized footprint of the
deposit now extends over 700m of strike and remains open to the north and at
depth. The ongoing drilling programme, involving five drill rigs continues to
expand high-grade zones of mineralized porphyry.
WAFI-GOLPU PROJECT MINERAL RESOURCE (1,2) AS AT 30 JUNE 2010
Deposit Tonnes Gold Copper Gold Copper Gold
(Mt) g/t % Moz Kt Equivalent*
Golpu 501 0.54 0.95 8.8 4767 30.9
Nambonga 40 0.79 0.22 1.0 86 1.4
Wafi 96 1.55 4.8 4.8
Link 7 6.62 1.4 1.4
Total 644 0.77 0.75 16 4853 38.5
* Gold equivalent is calculated using a gold price of US$950/oz Au and $4 412/t
Cu at 100% recovery for both metals
GOLPU MINERAL RESOURCE(1), BY RESOURCE CLASSIFICATION
Resource Lode Tonnes Grade Grade Grade Contai Contained Contained
Code (Mt) Cu Au Mo ned Au (Moz) Mo
(%) (g/t) (ppm) Cu (`000t)
Indicated Supergene 5 2.53 0.44 68 120 0.1 0.3
Porphyry 85 1.32 0.66 110 1,122 1.8 9.3
Subtotal indicated 90 1.38 0.65 108 1,242 1.9 9.7
Inferred Supergene 9 0.77 0.45 65 68 0.1 0.6
Porphyry 88 1.82 1.10 42 1,606 3.1 3.7
Metasediment 314 0.59 0.36 132 1,851 3.6 41.5
Subtotal inferred 411 0.86 0.52 111 3,525 6.9 45.7
Total 501 0.95 0.54 111 4,767 8.8 55.4
Note: The Measured and Indicated Mineral Resources are inclusive of those
Mineral Resources modified to produce the Ore Reserves. The estimates of Ore
Reserves and Mineral Resources in this statement were prepared in accordance
with the standards set out in the "Australasian code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves - The JORC Code"
(December 2004) as published by the Joint Ore Reserve Committee of the
Australian Institute of Mining and Metallurgy, Australian Institute of
Geoscientists and Minerals Council of Australia (JORC) The JORC code is accepted
reporting standard for the Australian Stock Exchange (ASX).
The Exploration Results, Mineral Resources and Ore Reserves in the summary
tables are based on information compiled by Michael Smith who is a corporate
member of the Australian Institute of Mining and Metallurgy and is a Competent
Person as defined by the code for reporting of Mineral Resources and Ore
Reserves in relation to the mineralization being reported on and consents to the
inclusion in the report of the matters based on his information in the form and
context in which it appears. Michael Smith is a full-time employee of Harmony
Gold (PNG Services) (Pty) Ltd.
Expressed in 100% terms. Harmony`s interest is 50%.
Refer to www.harmony.co.za for details on Wafi Resources and the Golpu
exploration target guidance.
Refer to Harmony`s website, www.harmony.co.za for a diagram of the schematic
section 21000N indicating the new resource outline
For more details contact:
Chief Executive Officer
On +27 (0)83 265 0274
Marian van der Walt
Executive: Corporate and Investor Relations
On +27 (0)82 888 1242
Investor Relations Officer
On +27 (0)82 759 1775
Randfontein Office Park
PO Box 2
South Africa 1760
T: +27 (0)11 411 2000
29 July 2010
J.P. Morgan Equities Limited
Date: 29/07/2010 14:48:51 Supplied by www.sharenet.co.za
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